SBC News Payhound: Reliability as a trust forming factor in the cryptocurrency space

Payhound: Reliability as a trust forming factor in the cryptocurrency space

Speaking to SBC, Payhound’s Managing Director Elton Dimech revealed why his company puts an emphasis on reliability and stability rather than market disruption when it comes to leaving a mark in the crypto space. 

SBC: For those of our audience unfamiliar with Payhound, give us an introduction to the brand and its key offerings.

Elton Dimech: Payhound has emerged as the primary partner for igaming and sportsbook companies seeking to integrate cryptocurrency payments into their daily operations. Currently, we are the preferred crypto payment processor for igaming operators regulated by the Malta Gaming Authority (MGA). 

Our goal is to provide an alternative payment method which although is not yet mainstream, it has, on the other hand, recently generated a lot of interest amongst numerous top-tier operators in Malta. Our experience in the gaming sector dates back several years now, having been the chosen supplier for a number of operators in Malta and abroad that are offering cryptocurrency as a payment method to their players.

Additionally, we work with these same operators that are looking to receive their payment provider settlements in crypto and make use of Payhound as a venue where they can convert such settlements into traditional FIAT currency. We also collaborate with a diverse range of businesses, including B2B game providers looking to receive licence fees in crypto; and affiliate companies looking to receive commissions from igaming operators in crypto. 

The company is regulated by the Malta Financial Services Authority (MFSA) and is a proud holder of a Class 3 VFA Licence under the Virtual Financial Assets Act since April 2021.

SBC: Your stated goal is to be able to move money from A to B, with great security, and a customer-first approach. Tell us how your experience in the traditional banking sector can reassure customers that their security is guaranteed.

ED: Our leadership team brings extensive experience from the traditional banking sector, providing our customers with the assurance that we approach every aspect of our operations with the highest degree of seriousness. We also employ gaming and information security professionals to round up our expertise and provide a top-notch service.

Our partners value the reliability, speed, and robust security we offer. Payhound is ISO 27001 certified and has been so for the past two years. We adhere to well-established procedures to keep things secure for our clients, just like you’d expect from a trustworthy bank or a financial institution.

SBC: How important is it for companies like Payhound to have an extensive network of banking partners and access to large liquidity pools and SEPA/SWIFT banking?

ED: Having an extensive network of banking partners and access to large liquidity pools, is of paramount importance. Access to large liquidity pools enables Payhound to handle significantly large trades while still ensuring the provision of the best prices in accordance with the company’s commitment to best execution policies. This capability is crucial for maintaining competitiveness and meeting regulatory obligations.

In terms of banking relationships, Payhound recognizes the significance of robust and diverse banking options. This diversity allows the company to efficiently receive and transfer FIAT currencies promptly. Managing such relationships is not merely a transactional necessity but an integral part of Payhound’s ecosystem. The company places emphasis on understanding customer requirements and tailoring solutions accordingly, often providing multiple options to clients.

SBC: As Payhound continues to solidify its role as a primary partner for businesses integrating crypto payments into their daily operations, how is the company enhancing its positioning in this regard?

ED: Here at Payhound, we’re dedicated to always adapting and staying on top of the changes in the crypto world. We know how crucial it is to offer strong, secure, and user-friendly solutions that help businesses succeed in their crypto payment efforts.

Unlike other emerging startups, we are not set on disrupting the field. Instead, our focus is to be a reliable partner capable of helping clients seamlessly transfer funds from point A to point B in the minimum amount of time possible. This positioning in the market is what has helped us gain our clients’ trust over the years.

Our reputation for being a reliable partner comes from our commitment to share our insights, knowledge and expertise particularly for igaming operators in Malta seeking approval from the MGA to offer cryptocurrency as a payment method. A vital component of this commitment is our dedicated customer support team, ensuring clients receive assistance whenever needed, fostering a sense of confidence in our relationship.

Moreover, I think the simplicity and user-friendliness of our product interface contribute to an overall positive experience, making interactions with us not only secure and reliable but also effortlessly accessible.

SBC: And finally, what qualities should operators be looking for when sourcing the services of a company like Payhound?

ED: When operators are seeking services like ours, several crucial qualities should be on their radar. First and foremost, reliability is paramount. They should choose a partner known for consistent and trustworthy performance. 

Speed, efficiency, and accuracy in transaction processing are vital, ensuring seamless operations for our clients. Robust security measures are non-negotiable, given the sensitive nature of financial transactions in the industry. Excellent customer support is another key factor, as operators need responsive assistance whenever issues arise. 

Equally important, a user-friendly product interface can significantly enhance the overall experience, making day-to-day interactions smoother and more intuitive for users.

Lastly, something which Payhound offers better than others is the knowledge it is willing to share with its clients. We understand that certain departments, within companies, understandably have concerns about crypto but we have thought of everything to make their life easier.

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